Ultratech Cement Limited
UltraTech was formed in 2004 following the acquisition of the cement business of Larsen and Toubro Ltd ('CRISIL AAA/Stable/CRISIL A1+') by Grasim Industries Ltd (Grasim; 'CRISIL AAA/Stable/CRISIL A1+'). As on June 30, 2024, Grasim (the flagship compa...
Key Metrics
EPS
242.64
Current ratio
0.86
Debt/Equity
0.67
Debt/EBITDA
7.45
Interest coverage ratio
0.09
Operating Cashflow to total debt
0.48
Financials
Pros & Cons
Exclusive on TAP Bonds
Here's what we like about this company and potential risks we have identified.
Pros
Established market position in the Indian cement business and healthy operating efficiency
Strong financial risk profile
Liquidity: Superior
Cons
Susceptibility to risks related to input cost, realisations and cyclicality in the cement industry
Lower-than-expected increase in cash accrual because of non-sustenance of performance
More-than-expected debt because of sizeable acquisition or capex, leading to sustained net debt to EBITDA ratio of more than 2 times
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About Ultratech Cement Limited bond.
This comprehensive profile covers key factual information about Ultratech Cement Limited. UltraTech was formed in 2004 following the acquisition of the cement business of Larsen and Toubro Ltd ('CRISIL AAA/Stable/CRISIL A1+') by Grasim Industries Ltd (Grasim; 'CRISIL AAA/Stable/CRISIL A1+'). As on June 30, 2024, Grasim (the flagship company of the Aditya Birla group) held 57.27% equity stake in UltraTech. Through UltraTech Cement Middle East Investments Ltd (UCMEIL), UltraTech has capacity of 5.4 MTPA across UAE and Bahrain. UltraTech's consolidated grey capacity is 154.9 MTPA (domestic capacity of 149.5 MTPA), as on June 30, 2024. In addition, the company has 1.5 MTPA of white cement capacity. Furthermore, the company has power generation capacity of 1,188 megawatt (MW), out of which 890 MW is green power capacity (WHRS + renewables). EPS in Mar-2024 was 242.64. Current ratio in Mar-2024 was 0.86. Debt/Equity in Mar-2024 was 0.67. Debt/EBITDA in Mar-2024 was 7.45. Interest coverage ratio in Mar-2024 was 0.09. Operating Cashflow to total debt in Mar-2024 was 0.48. Total revenue for Mar-2025 (E) was ₹77976.99. Net income for Mar-2025 (E) stood at ₹6756.92. Total assets as of Mar-2024 were ₹100,797.11. Operating cash flow for Mar-2024 was ₹10,897.54. The company’s borrowing relationships include State Bank of India (₹N/A Cr), (₹N/A Cr), (₹N/A Cr). Peers and comparison entities consist of Ultratech Cement Limited, Grasim Industries Limited, Ambuja Cements Limited, Shree Cement Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Established market position in the Indian cement business and healthy operating efficiency; Strong financial risk profile; Liquidity: Superior. Key risks include: Susceptibility to risks related to input cost, realisations and cyclicality in the cement industry; Lower-than-expected increase in cash accrual because of non-sustenance of performance; More-than-expected debt because of sizeable acquisition or capex, leading to sustained net debt to EBITDA ratio of more than 2 times. Leadership team details include Alka Bharucha (Independent Director), Anoop Khatry (Chief Legal Officer), Arun Adhikari (Independent Director), Atul Daga (WholeTime Director & CFO), Chandrashekhar Chavan (Chief Human Resource Officer), E R Raj Narayanan (Chief Manufacturing Office), K C Jhanwar (Managing Director), K K Maheshwari (Vice Chairman & Non Exe.Dire), Kumar Mangalam Birla (Chairman), Rajashree Birla (Non Executive Director), S B Mathur (Independent Director), Sanjeeb Kumar Chatterjee (Company Secretary & Compliance Officer), Sukanya Kripalu (Independent Director), Sunil Duggal (Independent Director), Vivek Agrawal (Chief Marketing Officer). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.